BOI sees nearly 28% jump in investment pledges

Lopez told reporters on Thursday the increasing investment approvals by the BOI is being driven by the country’s strong macroeconomic fundamentals and solid optimism from businesses and consumers. (File Photo: ALBERT ALCAIN/PPD)

MANILA —  Department of Trade and Industry (DTI) Secretary Ramon Lopez revealed that investment pledges in its attached investment promotion agency (IPA), the Board of Investments (BOI), increased by nearly 28 percent in the first half of 2018.

Lopez told reporters on Thursday the increasing investment approvals by the BOI is being driven by the country’s strong macroeconomic fundamentals and solid optimism from businesses and consumers.

He, however, declined to provide the value of investment approvals in the BOI in January to June this year. But data from the Philippine Statistics Authority (PSA) showed that the BOI registered a total of PHP188 billion worth of project in January to June of last year.

This means, investment approvals in BOI in H1 2018 may reach to around PHP240 billion. BOI officials earlier reported that project registration for the first five months of the year amounted to PHP207 billion, with a big chunk of the investments coming from the power sector.

Lopez likewise said the administration’s Build Build Build Program attracted both local and foreign investments in the infrastructure sector. “This program will enhance the country’s investment environment and competitiveness as we build infrastructure in over the logistics costs, and of course it can create more employment for those workers that will be part of the Build Build Build Program,” the DTI chief said.